Here’s Why Book Of Meme (BOME) Price Skyrockets 25%
Highlights
- Book of Meme has gained significant popularity since its debut.
- The BOME price surged over 40% from its low today.
- LBank crypto exchange announced the listing of Book of Meme 2.0.
Book of Meme (BOME), a newly launched meme coin in the Solana ecosystem, has grabbed massive attention owing to its price surge. The BOME price rallied over 25% today. Moreover, the Solana meme coin also witnessed a significant gain in its open interest.
Why Is BOME Price Soaring?
The Book of Meme crypto price surged over 42% from its low of $0.0118 and attained a high of $0.01681 on Friday, March 22. At press time, the BOME price was up by 25.06% to $0.01494. Whilst, the crypto boasted a market cap of $825.06 million. Moreover, the 24-hour trading volume for BOME skyrocketed 100.10% to $1.90 billion.
Furthermore, the Book of Meme open interest soared 11.76% to $156.16 million. This underscores the growing popularity of BOME amid derivatives traders. In addition, the derivatives volume soared by a whopping 111.96% to $3.51 billion.
The surge in the BOME open interest played a significant role in the price surge today. Moreover, the short squeeze also influenced the price movement significantly. According to Coinglass, around $2.54 million short liquidations were noted in the last 24 hours.
These short traders are expected to buy their positions back, which could send the BOME price higher before a massive correction. Shorts dominated the market but significant long liquidations were also noted. Nearly $2.30 million long liquidations were recorded for BOME.
However, the Book of Meme crypto has attracted scrutiny from Binance, the world’s largest crypto exchange. Binance launched an investigation on March 18 into allegations surrounding the Book of Meme. The investigation was prompted by concerns about potential insider trading following discussions within the community about a “BOME rat warehouse” incident.
These allegations led to speculation about unethical practices within the project due to the unprecedented volatility in the BOME price. In response, Binance swiftly initiated an internal inquiry to address the situation. In addition, Binance announced rewards of upto $5 million for tips on the BOME insider trading case.
Also Read: BOOK OF MEME (BOME) Spikes 41.3%: What’s Next?
LBank Announces Book Of Meme 2.0 Listing
Book of Meme 2.0 (BOME2) is set to make its debut on the renowned crypto exchange LBank. The listing is scheduled for 08:00 a.m. on March 23, 2024 UTC, with trading kicking off promptly. Moreover, traders can also engage in BOME2/USDT spot pairs within the MEME Zone, starting from 08:00 on March 23.
Meanwhile, the commencement of deposits is slated at 06:00 a.m. on March 22, 2024 UTC. This ensures users have ample time to prepare for the trading frenzy. Withdrawals, on the other hand, will be enabled from 06:00 a.m. on March 24, 2024 UTC.
However, traders should note an additional transaction fee of 3%, on top of the standard LBank fee, applied to each transaction. This fee will contribute to supporting the project team, ensuring the sustainability and development of BOME2. It serves as the second iteration of the renowned Book of Meme project, offering a second chance for those who missed out on its predecessor.
Also Read: Floki Inu vs BOME: Which Meme Coin Should You Invest In?
- FLOKI Makes History With First ETP in Europe as Price Surges 30%
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
